Photovoltaic park, Besse sur Issole, France Gas Storage, … · •Ilo1 (Peru, 40 MW gas) (1) 2.8GW COD and acquisition of

Photovoltaic park, Besse sur Issole, France Gas Storage, Germigny sous Coulombs, France

APPENDICES

H1 2014 RESULTS

H1 2014 Results

Appendices - Index

FINANCIAL APPENDICES 73

Impact of weather & gas tariff shortfall 74

Change in number of shares, scope & forex 77

Balance sheet, P/L & cash flow statement 81

Profit & Loss details 86

Cash flow details 104

Credit 109

Page

BUSINESS APPENDICES 20

Generation capacity & electricity output 22

Gas balance 32

Energy International 35

Energy Europe 49

Global Gas & LNG 59

Infrastructures 65

Energy Services 70

Page

19

BUSINESS APPENDICES

H1 2014 RESULTS

H1 2014 Results

POWER

2014 2015 ≥ 2016 Including under advanced

development

On-track with industrial ambition

21

Expected commissioning of additional capacity

in GW at 100%

GAS & LNG

E&P production

in mboe

SERVICES

Capacity under construction at end H1 2014 (2)

new capacity commissioned over H1 2014

52 ~55

~60 59-63

2013 2014 2015 2016

+15%

Jirau

Tarfaya

Tihama

Jirau

Tihama

Dedisa

Quitaracsa

Jirau

Meenakshi

Az Zour

Avon

Main

Projects

(1) Equivalent to 2.0 GW net ownership (2) Exclusive negotiations / preferred bidder or Investment Note approved

by the Business Line Commitment Committee

+2.8 GW(1)

+3.5%(3)

(3) CAGR over 2013-2016

4.5%

5.0% 4.8%

5,0%

FY 2012 H1 2013 FY 2013 H1 2014

5.0% EBIT/Revenues

in %

3.8 6.5

10.3

~15

steady growth of €23bn RAB (France)

BU

SIN

ES

S A

PP

EN

DIC

ES

~30% Latam

~10% Asia-Pacific

~60% SAMEA

~2% Europe

GENERATION CAPACITY

& ELECTRICITY OUTPUT

H1 2014 Results

GDF SUEZ breakdown of generation capacity by geographic area As of 6/30/2014

~95%

in fast growing

markets

~33%

in fast growing

markets

~95%

in fast growing

markets

~45%

in fast growing

markets

114 GW installed

42%

3% 8%

23%

12% 11%

7.5 GW under

construction 44%

<1% 2% 9%

44%

3.4 GW under

construction

43% 32%

19% 5% 1%

82 GW installed 50%

14%

14%

10%

8% 5%

~60%

international

~50%

international

~100%

international

~95%

international

At 100%

% consolidation(1)

Europe Asia North America Latin America META Oceania

23

Net ownership(2)

72 GW installed 52%

15%

10%

11%

7% 4%

~30%

in fast growing

markets

~95%

in fast growing

markets

~50%

international

~95%

international 3.1 GW under

construction

45% 35%

16% 4% 1%

BU

SIN

ES

S A

PP

EN

DIC

ES

(1) % of consolidation for full and proportionally consolidated affiliates and % holding for equity consolidated companies

(2) GDF SUEZ ownership

H1 2014 Results

3% 15%

54%

15% 3%

1% 8%

72 GW installed

~70%

low CO2

emissions

~50%

renewables

~80%

low CO2

emissions

~15%

renewables

~80%

low CO2

emissions

~50%

renewables

~80%

low CO2

emissions

~15%

renewables

3% 15%

58%

15%

3% 1% 5%

114 GW installed

GDF SUEZ breakdown of generation capacity by technology As of 6/30/2014

BU

SIN

ES

S A

PP

EN

DIC

ES

At 100%

3% 16%

51%

18%

3% 1% 7%

82 GW installed

Nuclear Coal

Natural gas Hydro Biomass & biogas Wind

Other non-renewable Other renewable

24

14%

9%

27% 43%

7%

7.5 GW under

construction

<1%

11%

20%

18%

40%

10%

3.4 GW under

construction

<1%

% consolidation(1)

Net ownership(2)

~70%

low CO2

emissions

~50%

renewables

~80%

low CO2

emissions

~15%

renewables

12%

17%

19% 42%

9%

3.1 GW under

construction



<1%

H1 2014 Results

Installed capacity evolution vs end 2013 As of 6/30/2014, in GW, at 100%

BU

SIN

ES

S A

PP

EN

DIC

ES

113.7 114.4

End 2013 End H1 2014 North America

Latin America Europe SAMEA(3) Disposals Closing /

Decommissioning Others

+0.7 <+0.1

+1.6

• Hydro

(US, 20 MW)

• Solar

(Canada, 10 MW)

+0.5

• Wind

(France(1), UK,

48 MW)

• Solar

(France, 42 MW)

• Rotterdam

(The Netherlands,

740 MW, ultra-

supercritical coal)

• Wilhelmshaven

(Germany,

730 MW, ultra-

supercritical coal)

• Tarfaya(2)

(Morocco,

100 MW, wind)

• Uch2

(Pakistan,

380 MW, gas)

(1.8)

(0.2) (0.2)

• Dunamenti

(Hungary,

1,041 MW, gas)

• ISAB

(Italy, 530 MW,

gas)

• Gas

(US, 170 MW)

• Coal

(US, 65 MW)

• End of

contract

(Belgium

140 MW,

hydro)

• Capacity

revisions

+2.8 GW added(1): -2.0 GW closed or sold mainly in mature markets

• Jirau(2)

(Brazil, 8x75 MW,

hydro)

• Pirassununga(1)

(Brazil, 25 MW,

biomass)

• Wind

(Brazil, 60 MW)

• Laja

(Chile, 17 MW,

hydro)

~45% in fast growing markets ~5% in mature markets in renewables ~50% in thermal in Europe (Rotterdam, Wilhelmshaven)

~60% international

~45% in fast growing

markets

• Flevo GT(4)

(The Netherlands,

120 MW, gas)

• Ilo1(4)

(Peru,

40 MW gas)

25

(1) 2.8GW COD and acquisition of <0.1GW of Biomass in Brazil & wind in France

(2) Progressive commissioning

(3) South Asia, Middle-East & Africa

(4) Partial closing

H1 2014 Results

Renewable energy: ~15% of Group’s generation capacity As of 6/30/2014

% CONSOLIDATION(2) AT 100%

Hydro(1) Biomass & biogas Wind Solar & others

in MW Hydro(1) Biomass

& biogas Wind

Solar

& others

EUROPE 4,006 864 2,800 156

NORTH AMERICA 173 132 659 22

LATIN AMERICA 8,297 81 257 2

MIDDLE EAST,

TURKEY & AFRICA - - 101 -

ASIA 152 30 - 2

OCEANIA 48 - 62 1

TOTAL 12,676 1,107 3,878 182

18 GW installed

1% 6%

22%

71%

BU

SIN

ES

S A

PP

EN

DIC

ES

1% 8%

19%

14 GW installed

73%

26

NET OWNERSHIP(3)


& biogas Wind

Solar

& others

EUROPE 3,943 854 1,983 101



MIDDLE EAST,


ASIA 152 30 - 2

OCEANIA 48 - 62 1

TOTAL 10,183 1,088 2,616 116


& biogas Wind

Solar

& others

EUROPE 2,407 806 1,625 83



MIDDLE EAST,


ASIA 71 21 - 1

OCEANIA 48 - 49 1

TOTAL 6,844 1,001 2,195 96

1% 10%

22%

10 GW installed

67%

(1) Excluding pumped storage



H1 2014 Results

GDF SUEZ total installed capacity by business line As of 6/30/2014

in MW

ENERGY INTERNATIONAL

Latin America

Asia - Pacific

North America

UK and other Europe

South Asia, Middle East & Africa

ENERGY EUROPE

Central Western Europe

France

Benelux & Germany

Southern & Eastern Europe

ENERGY SERVICES

TOTAL

At 100% % CONSOLIDATION(1) Net ownership(2)

In

operation

Under

construction TOTAL

73,179 7,342 80,521

13,684 3,316 17,000

11,982 19 12,001

13,040 38 13,078

8,228 - 8,228

26,245 3,969 30,214

39,351 182 39,534

25,693 131 25,824

8,621 131 8,752

17,072 - 17,072

13,659 51 13,710

1,835 - 1,835

114,366 7,525 121,890

In

operation

Under

construction TOTAL

45,192 3,264 48,456

11,249 1,471 12,720

8,531 19 8,550

11,112 38 11,149

5,948 - 5,948

8,353 1,735 10,089

34,535 156 34,690

24,861 104 24,966

8,247 104 8,351

16,615 - 16,615

9,673 51 9,724

1,835 - 1,835

81,562 3,419 84,981

In

operation

Under

construction TOTAL

37,746 3,014 40,760

7,393 1,393 8,786

6,283 13 6,297

11,023 38 11,060

4,861 - 4,861

8,186 1,570 9,756

31,973 117 32,089

22,445 65 22,511

6,420 65 6,485

16,026 - 16,026

9,527 51 9,578

1,835 - 1,835

71,554 3,130 74,685

BU

SIN

ES

S A

PP

EN

DIC

ES



27

H1 2014 Results

GDF SUEZ expected commissioning

of capacity under construction As of 6/30/2014, at 100%

BU

SIN

ES

S A

PP

EN

DIC

ES

Under construction

in MW H2 2014 2015 ≥2016 TOTAL

ENERGY INTERNATIONAL 935 2,580 3,827 7,342 ~4,600

Latin America 542 1,777 997 3,316 ~500

Asia - Pacific - 19 - 19 ~950

North America 16 - 22 38 ~30

UK and other Europe - - - - -

South Asia, Middle East & Africa 377 784 2,808 3,969 ~3,100

ENERGY EUROPE 103 62 17 182 ~70

Central Western Europe 69 62 - 131 ~50

France 69 62 - 131 ~35

Benelux & Germany - - - - ~15

Southern & Eastern Europe 34 - 17 51 ~20

ENERGY SERVICES - - - - -

TOTAL 1,039 2,642 3,844 7,525 ~4,700

Under advanced

development(1)

28

(1) Exclusive negotiations / preferred bidder or Investment Note approved by the Business Line Commitment Committee

H1 2014 Results

GDF SUEZ expected commissioning

of capacity under construction As of 6/30/2014, in net ownership(1)

BU

SIN

ES

S A

PP

EN

DIC

ES

Under construction

in MW H2 2014 2015 ≥2016 TOTAL

ENERGY INTERNATIONAL 449 1,131 1,434 3,014 ~1,520

Latin America 227 739 427 1,393 ~310

Asia - Pacific - 13 - 13 ~330

North America 16 - 22 38 ~30

UK and other Europe - - - - -

South Asia, Middle East & Africa 206 378 985 1,570 ~850

ENERGY EUROPE 69 31 17 117 ~45

Central Western Europe 35 31 - 65 ~30

France 35 31 - 65 ~20

Benelux & Germany - - - - ~10

Southern & Eastern Europe 34 - 17 51 ~20

ENERGY SERVICES - - - - -

TOTAL 518 1,162 1,451 3,130 ~1,600

Under advanced

development(2)

29


(2) Exclusive negotiations / preferred bidder or Investment Note approved by the Business Line Commitment Committee

H1 2014 Results

45%

13%

13%

14%

10% 5%

138TWh

2%

20%

48%

13% 2%

1% 14%

138 TWh

43%

11%

16%

13%

11% 6%

161TWh

1%

22%

45%

17% 2% 1%

12%

161 TWh

2% 17%

55%

15%

2% 1% 8%

228 TWh 228 TWh

32%

4% 11%

28%

14%

10%

GDF SUEZ total generation output breakdown by geographic area

and technology As of 6/30/2014

BU

SIN

ES

S A

PP

EN

DIC

ES

At 100%

% consolidation(1)

Net ownership(2)

Nuclear Coal Natural gas Hydro Biomass & biogas Wind

Other non-renewable Europe

Asia North America

Latin America META Oceania

~70%

international

~80%

low CO2

emissions

~15%

renewables

~55%

in fast growing

markets

~55%

international

~ 75%

low CO2

emissions

~20%

renewables

~40%

in fast growing

markets

~55%

international

~ 80%

low CO2

emissions

~15%

renewables

~40%

in fast growing

markets



30

H1 2014 Results

GDF SUEZ total electricity output by business line As of 6/30/2014

in TWh At 100% % consolidation(1) Net ownership(2)

ENERGY INTERNATIONAL 161.4 99.5 80.9

Latin America 32.5 26.2 17.2

Asia - Pacific 32.4 24.6 17.6

North America 22.3 17.7 17.4

UK and other Europe 12.6 11.5 9.3

South Asia, Middle East & Africa 61.7 19.6 19.4

ENERGY EUROPE 63.5 59.0 53.8

Central Western Europe 47.7 47.0 42.1

France 15.7 15.5 11.2

Benelux & Germany 32.0 31.5 30.9

Southern & Eastern Europe 15.8 12.0 11.7

ENERGY SERVICES 2.8 2.8 2.8

TOTAL 227.7 161.3 137.5

BU

SIN

ES

S A

PP

EN

DIC

ES



31

GAS BALANCE

H1 2014 Results

H1 2014 gas balance: diversified portfolio % consolidation(1)

13

130

117

59

357

Others

(key accounts,

non regulated retail…)

Gas to power - merchant

Gas to power - PPA

(French retail & European regulated retail…)

REGULATED

GAS TO POWER (INTERNAL)

NON REGULATED

144

286

30

215 SHORT TERM

THIRD PARTY

LONG-TERM

CONTRACTS

676 TWh

E&P PRODUCTION

OTHERS(4)

BU

SIN

ES

S A

PP

EN

DIC

ES

676 TWh

25%

19%

18%

7%

6%

6%

3% 3%

5%

9%

Norway

Algeria

Trinidad &Tobago

Netherlands

UK

Others(3)

Yemen

Unspecified(2)

Russia

Balanced sales portfolio reduces volume risks

Diversified supply portfolio provides flexibility

Long-term gas supply

Lybia

of which 30% LNG


(2) Purchases from gas suppliers ; origin unspecified

(3) Of which Nigeria <1% and Germany <1%, Egypt <1% and Asia <3%

(4) Notably tolling (67 TWh) and dedicated contracts for gas to power

33

H1 2014 Results

Geographic split of gas usage in H1 2014 % consolidation

BU

SIN

ES

S A

PP

EN

DIC

ES

21%

7%

6%

5%

5%

3% 2%

15%

14%

8%

7%

3%

2%

676 TWh

France

Belgium

UK

Germany

The Netherlands

Italy

Hungary 1% Other Europe(1)

North America

Middle East,

Turkey, Africa

Other Australia 1%

Asia

South America

~35%

International

Romania

(1) Other European countries and market hubs

34

ENERGY INTERNATIONAL

H1 2014 Results

in €m H1 2013(2) H1 2014 14/13 org

Revenues 7,409 6,861 -7.4% +1.4%

COI including share in Net Income of associates 1,676 1,233 -26% -13%

Total Capex 965 808

Electricity sales(3) (TWh) 103.4 98.1 -5.1%

Gas sales(3) (TWh) 40.2 41.1 +2.2%

Installed capacity(4) (GW) 78.0 73.2 -6%

Electricity production(4) (TWh) 159.5 161.4 +1%

EBITDA 2014 outlook

Energy International H1 impacted by extreme weather in Brazil, overall improvement expected in H2

BU

SIN

ES

S A

PP

EN

DIC

ES

• Performance in Brazil impacted by severe

drought and inter-regional prices differences

• US benefitted from strong performance

in generation in Q1 driven by exceptional

weather

• Improved UK clean dark spreads largely

compensated for one-off items in 2013

• SAMEA results affected by seasonality

• Lower prices in Australia partially

compensated by strong performance

in Thailand

• 1.2 GW of new capacity commissioned

• FX: Stronger Euro

• Scope: Asset optimization and transfer

of Continental European asset

to Energy Europe

• Perform 2015 gross impact: ~€38m

EBITDA H1 2014 vs H1 2013

in €m

• Full year effect of new capacity commissioned in 2013

and a further 2.2 GW of new capacity in 2014

• Potential upside from long assured energy position held

through H2 dry season by Tractebel Energia in Brazil

• Impact of withdrawal of support under Australian carbon

regime in H2

• Scope: full year effect of asset optimization

Perform 2015

198

518

431

H1 2013 Scope FX Latin America

Asia Pacific

North America

UK - Europe

SAMEA H1 2014

1,721

(1,2) (1)

1,937

(145) (180)

(234) +52 (11) (15) (13)

-11%

SAMEA

Asia-Pacific

UK-Europe

North

America

Latin

America 490

132

2,262

(1) Total includes Other: €(52)m in H1 2013 and €(48)m in H1 2014

(2) H1 2013 was restated for EBITDA new definition and for IFRS10-11

(3) Sales figures are consolidated according to accounting standards

(4) At 100%

of which hydro

€(0.3)bn

36

H1 2014 Results

North America

Energy International Well balanced portfolio

37

~90% long-term contracted

in fast growing markets(1)

81%

19%

Latin America 22%

78%

Short-term/uncontracted Long-term contracted

UK-Europe

Asia-Pacific

SAMEA

82%

18%

53% 47%

1%

99%

Power Generation 73.2 GW installed, ~70% in fast growing markets

(1) Includes capacity in Latin America, SAMEA, Turkey and Asia Pacific (excluding Australia) Long-term contracted: portion of operational capacity contracted for more than 3 years; based on capacity at 100% as of 6/30/14

BU

SIN

ES

S A

PP

EN

DIC

ES

13 GW

18%

8 GW

11%

26 GW

36% 12 GW

16%

14 GW

19%

H1 2014 Results

Coal

Natural gas

Hydro

Biomass and biogas

Wind

Other non-renewable

19%

15%

1%

65%

161.4 TWh

Energy International Generation capacity and production as of 6/30/2014, at 100%

in MW In operation

Under

construction Total

LATIN AMERICA 13,684 3,316 17,000

ASIA - PACIFIC 11,982 19 12,001

NORTH AMERICA 13,040 38 13,078

UK & OTHER EUROPE 8,228 - 8,228

SAMEA 26,245 3,969 30,214

TOTAL 73,179 7,342 80,521

in TWh Total

LATIN AMERICA 32.5

ASIA - PACIFIC 32.4

NORTH AMERICA 22.3

UK & OTHER EUROPE 12.6

SAMEA 61.7

TOTAL 161.4

<1% <1%

BU

SIN

ES

S A

PP

EN

DIC

ES

BREAKDOWN OF ELECTRICITY OUTPUT BREAKDOWN OF GENERATION CAPACITY

16%

16%

2% 63%

73.2 GW installed

38

<1% 3%

H1 2014 Results

Energy International / Latin America

BU

SIN

ES

S A

PP

EN

DIC

ES

Lower performance in Brazil • Severe drought led to energy deficit for hydro generators

and drove spot prices to maximum levels from February to May

• Record-high rainfall in South caused significant inter-regional pricing differences in June

• Delayed assured energy from Jirau • Tractebel Energia’s allocation strategy – short in H1

and long in H2 Partially mitigated by: • Inflation driven contract price increases • High thermal generation • Progressive commissioning at Trairi wind (115MW)

Higher contribution from Chile • Improved margins resulting from higher power prices

and strong operational performance • Commissioning of the on-shore LNG storage tank

in February 2014

Strong performance in Peru • Commissioning of Ilo Cold Reserve in June 2013 • New sales contracts signed at higher prices

Panama: Drought impacted hydro operations

Brazil:

• Potential upside from long assured energy position

held through H2 dry season at Tractebel Energia

• Full year benefit from Trairi wind farm commissioning

• Favorable contract price escalation

723

261

130

Brazil

Chile

Peru

820 490 +12 +14

(241) (99) +2

Scope FX H1 2013(1,2) Brazil Chile Peru H1 2014(1) Others

105

(19)

-32%


in €m H1 2013(2) H1 2014 14/13 org

Revenues 1,846 1,809 -2.0% +9.4%

COI including share in Net Income of associates 622 309 -50% -43%

Electricity sales(3) (TWh) 27.0 27.9 +3%

Gas sales(3) (TWh) 5.1 4.2 -18%

Installed capacity(4) (GW) 12.9 13.7 +6%


in €m

(1) Total includes Other: €11m in H1 2013 and €(7)m in H1 2014



(4) At 100%

EBITDA 2014 outlook

of which hydro

€(0.3)bn

39

H1 2014 Results

Coal

Natural gas

Hydro

Biomass and biogas

Wind

Other non-renewable

32.5 TWh

Energy International / Latin America Generation capacity and production as of 6/30/2014, at 100%

in MW In operation

Under

construction Total

BRAZIL 9,338 3,187 12,525

CHILE 2,064 17 2,081

PERU 1,784 112 1,896

PANAMA 450 - 450

COSTA RICA 50 - 50

TOTAL 13,684 3,316 17,000

in TWh Total

BRAZIL 23.9

CHILE 4.3

PERU 3.4

PANAMA 0.7

COSTA RICA 0.1

TOTAL 32.5

1%

<1% 1%

BU

SIN

ES

S A

PP

EN

DIC

ES


13.7 GW installed

1%

2%

12%

10% 15%

60% 65%

13% 19%

40

H1 2014 Results

EBITDA 2014 outlook in €m H1 2013(2) H1 2014 14/13 org

Revenues 1,523 1,383 -9.2% +2.1%

COI including share in Net Income of associates 370 318 -14% -4.0%

Electricity sales(3) (TWh) 21.7 21.2 -2%

Gas sales(3) (TWh) 1.2 1.1 -8%

Installed capacity(4) (GW) 12.0 12.0 -

Electricity production(4) (TWh) 33.7 32.4 -4%


BU

SIN

ES

S A

PP

EN

DIC

ES

Energy International / Asia-Pacific

Improved performance in Thailand

• Benefitted from higher availability at Gheco 1

Lower profitability in Australia

• Thermal assets affected by lower market

demand and pricing

• Planned major outage at Loy Yang B led to

reduced availability

• +40% increase in retail accounts from H1 2013

(now 460,000 accounts)

Singapore

• Lower market prices and reduced volumes

• Impact of withdrawal of support under Australian

carbon regime in H2

445

Australia

Thailand

499

431

(38) (12) (54) 0

Thailand Australia

238

165

H1 2013(1,2) Scope FX H1 2014(1) Other

+36

-3.0%

in €m

(1) Total includes Other: €43m in H1 2013 and €29m in H1 2014



(4) At 100%

41

H1 2014 Results

Energy International / Asia-Pacific Generation capacity and production as of 6/30/2014, at 100%

Coal

Natural gas

Hydro

Biomass and biogas

Wind

Other non-renewable

in MW In operation

Under

construction Total

SINGAPORE 3,201 - 3,201

THAILAND 3,043 19 3,062

INDONESIA 2,035 - 2,035

LAOS 152 - 152

AUSTRALIA 3,551 - 3,551

TOTAL 11,982 19 12,001

in TWh Total

SINGAPORE 5.5

THAILAND 10.5

INDONESIA 6.7

LAOS 0.4

AUSTRALIA 9.3

TOTAL 32.4


<1%

12 GW installed

48% 46%

4%

1%

<1%

32.4 TWh

1%

57% 42%

BU

SIN

ES

S A

PP

EN

DIC

ES

<1%

42

H1 2014 Results

EBITDA 2014 outlook


Energy International / North America

Generation • Extreme weather events in North East

pushed prices higher in Q1, particularly

benefiting PJM peakers

Gas • Reduced contribution from LNG with lower

average margins

Retail • Impact of increased competition

Scope • Partial sell down of non-core US thermal

plant

• H1 trends expected to continue in H2

• Potential upside in generation

• Scope: full year effect of partial sell-down

of thermal assets

465 Power generation

Gas

activities

Retail

532

518 (14) (8) (24)

(43)

Power generation

Gas activities

303

229

H1 2013(1,2) Scope FX H1 2014(1) Retail

+74

+11%

in €m H1 2013(2) H1 2014 14/13 org

Revenues 1,891 1,852 -2.0% +8.6%

COI including share in Net Income of associates 356 383 +7.6% +23%


Gas sales(3) (TWh) 20.7 16.8 -19%



in €m

BU

SIN

ES

S A

PP

EN

DIC

ES

6

(1) Total includes Other: €(22)m in H1 2013 and €(20)m in H1 2014



(4) At 100%

43

H1 2014 Results

Energy International / North America Generation capacity and production as of 6/30/2014, at 100%

Coal

Natural gas

Hydro

Biomass and biogas

Wind

in MW In operation

Under

construction Total

USA 11,464 38 11,502

CANADA 791 - 791

PUERTO RICO 507 - 507

MEXICO 279 - 279

TOTAL 13,040 38 13,078

in TWh Total

USA 18.1

CANADA 1.4

PUERTO RICO 1.7

MEXICO 1.1

TOTAL 22.3


13 GW installed

22.3 TWh

1%

77%

5%

10%

7%

77%

5%

4%

12% 2%

BU

SIN

ES

S A

PP

EN

DIC

ES

44

H1 2014 Results

EBITDA 2014 outlook


in €m H1 2013(2) H1 2014 14/13 org

Revenues 1,870 1,516 -19% -15%

COI including share in Net Income of associates 216 144 -33% -4.0%


Gas sales(3) (TWh) 13.3 19.0 +43%


Electricity production(4) (TWh) 18.0 12.6 -30%

Energy International / UK and Other Europe

UK generation

• Improved clean dark spreads benefited

Rugeley and partially compensated

for 2013 one-off favorable items

• Cost reductions following closure

of Teesside

• Commissioning of 42MW of UK wind

capacity since June 2013

• H2 expected to be broadly flat

• Scope: full year effect

293

209

38

Generation(2)

Retail

198 +3 +3

(87)

H1 2013(1,2) Scope FX Generation Retail H1 2014(1)

(14)

161 -4.7%

in €m

BU

SIN

ES

S A

PP

EN

DIC

ES


(2) Includes corporate costs and all operations in Turkey


(4) At 100%

45

H1 2014 Results

Energy International / UK and Other Europe Generation capacity and production as of 6/30/2014, at 100%

Coal

Natural gas

Hydro

Wind

Other non-renewable


12.6 TWh

in MW In operation

Under

construction Total

UNITED KINGDOM 6,985 - 6,985

TURKEY 1,243 - 1,243

TOTAL 8,228 - 8,228

in TWh Total

UNITED KINGDOM 8.0

TURKEY 4.6

TOTAL 12.6

1%

36%

25%

2%

1%

9%

22%

68% 8.2 GW installed

36%

BU

SIN

ES

S A

PP

EN

DIC

ES

46

H1 2014 Results

EBITDA 2014 outlook


Energy International / South Asia, Middle East & Africa

• Seasonality of recently commissioned power

and water capacity, skewed to H2

• Higher maintenance costs

• Partially offset by commissioning of gas-fired

Uch II (Pakistan) in April 2014

Scope impact

• Acquisition of Meenakshi (India),

December 2013

• Sohar 1 (Oman) equity accounted

from May 2013

• Asset rotation, divestments: impact of Kapco

(Pakistan) full sale in July 2013

• Full year effect of Uch II commissioning in Pakistan

170 147 132

(17) (6) (15)

H1 2013(1) H1 2014 FX Scope

-11%

in €m H1 2013(1) H1 2014 14/13 org

Revenues 280 301 +7.5% +12%

COI including share in Net Income of associates 167 127 -24% -11%



Water desalination capacity (MIGD)(4) 1,053 1,053 -


in €m

BU

SIN

ES

S A

PP

EN

DIC

ES



(3) At 100%

(4) Million Imperial Gallons per Day

47

H1 2014 Results

Energy International / South Asia, Middle East & Africa Generation capacity and production as of 6/30/2014, at 100%

Coal

Natural gas


61.7 TWh

in MW In operation

Under

construction Total

PAKISTAN 932 - 932

INDIA 269 638 907

UAE 8,842 - 8,842

SAUDI ARABIA 5,536 532 6,068

QATAR 3,755 - 3,755

OMAN 3,693 - 3,693

KUWAIT - 1,500 1,500

BAHRAIN 3,117 - 3,117

MOROCCO 101 200 301

SOUTH AFRICA - 1,099 1,099

TOTAL 26,245 3,969 30,214

in TWh Total

PAKISTAN 2.7

INDIA 0.0

UAE 19.3

SAUDI ARABIA 20.9

QATAR 5.3

OMAN 8.0

KUWAIT -

BAHRAIN 5.5

MOROCCO 0.0

SOUTH AFRICA -

TOTAL 61.7

100%

1%

26.2 GW installed

99% Wind

<1%

BU

SIN

ES

S A

PP

EN

DIC

ES

48

ENERGY EUROPE

H1 2014 Results

Energy Europe Adverse impact from weather and one-off tariff catch-up in 2013 in France Performance compensates challenging market conditions in other countries

BU

SIN

ES

S A

PP

EN

DIC

ES

EBITDA 2014 outlook

in €m H1 2013(2) H1 2014 14/13 org

Revenues 23,140 20,261 -12% -12%

COI including share in Net Income of associates 1,379 1,005 -27% -27%

Total Capex 678 520

Gas sales(6) (TWh) 378 313 -17%

Electricity sales(6) (TWh) 90 88 -1.7%

Installed capacity(7) (GW) 37.1 39.4 +6.2%

Electricity production(7) (TWh) 64.4 63.5 -1.4%

• Energy margins decrease

in Central Western Europe

• Gas portfolio improvement in SEE

• Doel 3 / Tihange 2 outages in Belgium

(3 months in H1 2014 vs 5 in H1 2013)

• France: climate (H1 2013 cold, H1 2014

warm) and tariffs catch-up in Q1 2013


• Further pressure on margins

• Doel 3 / Tihange 2 outage

• Market share stabilized in Belgium

Perform 2015 on track

H1 2013

H1 2014

EBITDA CWE(4)

H1 2014 vs H1 2013 of which:

France Benelux & Germany

H1 2013 H1 2014

Load factor CCGT fleet 31% 22% Load factor coal fleet 51% 47% Nuclear plants availability 63% 77%

Outright CWE achieved price (€/MWh) 52 48

H1 2013 Scope FX Weather Tariff Other CWE SEE H1 2014 (1) (1,2)

2,064

1 524

2,051

(2) (10) (330)

(150)

(126) +133

SEE 266

(3) (5) (4)

CWE 1,354

-53% +5%

633

1,554

568


in €m

H1 2013

H1 2014

-24% -1.0% w/o weather

and gas tariff impact

(1) Including Other: €(41)m in H1 2013 and €(65)m in H1 2014


(3) Catch-up related to the January 30, 2013 “Conseil d’Etat” decision

on natural gas tariffs in France, booked in Q1 2013

(4) Central Western Europe

(5) Southern & Eastern Europe

(6) Sales figure are consolidated according to accounting rules

(7) At 100%

1 210

604

50

H1 2014 Results

Energy Europe / Central Western Europe Generation capacity and production as of 6/30/2014 at 100%

BU

SIN

ES

S A

PP

EN

DIC

ES

Coal

Natural gas

Hydro

Wind

Other renewable

Other non-renewable


47.7 TWh

in MW In operation

Under

construction Total

FRANCE 8,621 131 8,752

BELGIUM 9,260 0 9,260

NETHERLANDS 4,455 0 4,455

LUXEMBOURG 376 0 376

GERMANY 2,981 0 2,981

TOTAL 25,693 131 25,824

in TWh Total

FRANCE 15.7

BELGIUM 19.7

NETHERLANDS 6.7

LUXEMBOURG 0.5

GERMANY 5.1

TOTAL 47.7

11%

20%

2%

Nuclear 7%

3%

12%

41%

20%

21%

1% 4% 2%

25.7 GW installed(1)

23%

34%

(1) Including assets previously reported in Energy International (29 MW)

51

H1 2014 Results

Energy Europe / Southern & Eastern Europe Generation capacity and production as of 6/30/2014 at 100%

BU

SIN

ES

S A

PP

EN

DIC

ES

Coal

Natural gas

Hydro

Wind

Other renewable


15.8 TWh 13.7 GW installed(1)

in MW In operation

Under

construction Total

POLAND 1,785 51 1,836

ROMANIA 98 0 98

HUNGARY 0 0 0

ITALY 6,059 0 6,059

GREECE 570 0 570

SPAIN 2,039 0 2,039

PORTUGAL 3,108 0 3,108

TOTAL 13,659 51 13,710

in TWh Total

POLAND 3.8

ROMANIA 0.1

HUNGARY <0.1

ITALY 9.4

GREECE 0.2

SPAIN 0.3

PORTUGAL 1.9

TOTAL 15.8

19%

70% 1%

3% 7%

26%

47%

2%

6%

7%

Other non-renewable(2)

11%

(1) Including assets previously reported in Energy International (94MW)

(2) Energy produced (1,7 TWh) on ISAB site. The plant was previously reported in Energy International and has been sold at 30th June.

52

H1 2014 Results

GDF SUEZ nuclear capacity

BU

SIN

ES

S A

PP

EN

DIC

ES

4.1

1.2

0.6

Belgium

France

Germany

5.9 GW net capacity

GDF SUEZ: 5.9 GW(1)

in Belgium, France and Germany

In Belgium, GDF SUEZ operates 5.9 GW through 7 units:

• 0.9 GW to reach 40-year lifetime in 2015(3) of which GDF SUEZ has ~40%

• 5.0 GW to reach 40/50-year lifetime between 2022 and 2025

BELGIAN OPERATED CAPACITY by owner(1)

4.1

GDF SUEZ

5.9 GW

operated

0.8 E.On

0.5 EDF Luminus

0.5 EDF

0.4

3.8

0.5

0.5

0.5

2015 2022-2025

0.9 GW

5.0 GW

Doel 3,4

Tihange 1,2,3

Doel 1,2

40-year lifetime in 2015

40/50-year lifetime in 2022–2025

0.3

(1) Net of third party capacity and drawing rights

(2) Nuclear drawing rights ending in 2015

(3) Doel 1, 2. The Group will pursue the investments to extend lifetime of Tihange 1

(2)

53

H1 2014 Results

Energy Europe Breakdown of electricity and gas sales

BU

SIN

ES

S A

PP

EN

DIC

ES

45%

31%

24% 24%

44%

32%

Split of GAS sales to final customer Split of ELECTRICITY sales to final customer

Giants

B2B

B2C

49 TWh

Electricity 200 TWh

Gas

Contracts (Million)(1) Sales to Final Customers(2) (TWh)

Electricity Gas Services Electricity Gas

TOTAL EUROPE 5.5 14.0 2.2 49.4 200.4

of which France 2.1 9.2 1.4 13.6 117.0

of which Belgium 2.8 1.4 0.1 20.8 24.4

of which Italy 0.2 0.9 - 1.6 9.6

of which Romania(3) - 1.5 0.6 0.3 19.8

(1) Number of contracts is consolidated at 100%, excluding entities at equity method

(2) Sales figures are consolidated according to accounting rules, Group contribution

(3) Including Austria and Czech Republic

54

H1 2014 Results

Energy Europe Electricity & gas sales by customer segment in France

BU

SIN

ES

S A

PP

EN

DIC

ES

B2B & GIANTS (TWh)

B2C SALES (TWh)

(3) (3)

Giants

B2B

• Development of power sales following implementation of the NOME law

• Increasing competition on B2B gas sales

Gas at average climate (1,2) Electricity

Gas at average climate (1,4) Electricity

• Development of B2C power sales due to increased number of dual fuel customers

• Contained losses for the residential gas customer base

13.2 (3)

7.4 3.8 5.1

9.0

4.5 4.6

16.4

8.3 9.7

2012 2013 H1 2013 H1 2014

124.7 117.4

67.4 64.7

2012 2013 H1 2013 H1 2014

6.0 7.1

3.7 3.9

2012 2013 H1 2013 H1 2014

103.0 89.9 54.8 45.2

61.5 56.0

28.1 20.0

164.5 145.9

82.9 65.2

2012 2013 H1 2013 H1 2014

Including intra-Group sales

(1) Except for Giant customers (GDF SUEZ Global Energy),

new climatic correction since 2013

(2) Of which public distribution tariffs: 60.7 TWh in FY 2012 ;

55.7 TWh in FY 2013 ; 41.4TWh in H1 2013; 27.6 TWh in H1 2014

(3) Including Giants

(4) Of which public distribution tariffs: 114.2 TWh in FY 2012 ;

104.6 TWh in FY 2013 ; 61.2 TWh in H1 2013; 54.3TWh in H1 2014

55

H1 2014 Results

Energy Europe Residential & small business customers portfolio in France

BU

SIN

ES

S A

PP

EN

DIC

ES

ELECTRICITY GAS Household & small business customers Household customers

HOUSEHOLD: Decreased by 324,000 contracts since June 2013

due to a more intense competition versus 235,000

between June 2013 and June 2012

SMALL BUSINESS: Portfolio of 225,000 contracts as at 06/31/2014,

losses since June 2013 limited to 11,000

(same trend vs. the previous years)

HOUSEHOLD: Increased by 340,000 contracts since June 2013 versus

283,000 between June 2013 and June 2012

SMALL BUSINESS: Increased by 4,000 contracts since June 2013 while

the previous period was stable

10

,21

1

0,0

8

10

,03

9

,96

9,8

5

9,8

9

,81

9

,78

9

,72

9

,65

9

,61

9

,52

9

,43

9

,35

9

,34

9

,28

9

,21

9

,13

9

,1

9,0

5

8,9

8

8,8

9

8,8

4

8,7

2

8,6

5

0.1

3

0.2

0.3

1

0.4

2

0.5

1

0.5

9

0.6

2

0.6

4

0.6

5

0.6

8

0.7

0.7

8

0.8

5

0.9

3

0.9

8

1.0

2

1.0

7

1.1

3

1.2

1.2

5

1.2

9

1.3

6

1.4

4

1.5

6

1.6

2

10,27 10,27

6

7

8

9

10

june

-08

sept

-08

dec-

08

mar

ch-0

9

june

-09

sept

-09

dec-

09

mar

ch-1

0

june

-10

sept

-10

dec-

10

mar

ch-1

1

june

-11

sept

-11

dec-

11

mar

ch-1

2

june

-12

sept

-12

dec-

12

mar

ch-1

3

june

-13

sept

-13

dec-

13

mar

ch-1

4

june

-14

Mill

ions

of c

ontr

acts

GDFSUEZ Competitors Household market (w/o local distribution cies)

163

368

500

724

880

939

1 0

22

1 1

67

1 3

22

1 4

76

1 6

05

1 7

38

1 9

45

77

81 84

84 85 85

86 85

86 86

86 88

90

Tho

usan

ds o

f con

trac

ts

Household Small business

56

H1 2014 Results

Energy Europe Electricity & gas sales by customer segment in Belgium

BU

SIN

ES

S A

PP

EN

DIC

ES

B2B & GIANTS (TWh)

B2C SALES (TWh)

Gas Electricity

Gas Electricity

Giants

B2B

• Lower gas volumes due to loss of customers in Giants and lower consumption in B2B

• Churn stabilized but volumes decreased mainly because of warmer climate

28,3 27,3

17,4 11,8

2012 2013 H1 2013 H1 2014

13,9 13,3

7,1 6,2

2012 2013 H1 2013 H1 2014

14,6 13,3 6,6 6,6

18,9 16,2

8.0 8.1

33,5 29,5

14,6 14,7

2012 2013 H1 2013 H1 2014

17,6 13,1

7,3 6,2

13,0 16,4

8,6 6,4

30,6 29,5

15,9 12,6

2012 2013 H1 2013 H1 2014

57

H1 2014 Results

Strong reaction to tough environment Pursuing a disciplined generation fleet review

BU

SIN

ES

S A

PP

EN

DIC

ES

CLOSURE OR SALES: 1.7 GW

• HU: Dunamenti G1-3 & F13, 1043 MW, H1 2014

• NL: Flevo GT, 119 MW, H1 2014

• IT: ISAB(1), 532 MW, H1 2014

MOTHBALLING: 0.4 GW

• LU: Twinerg (seasonal),

376 MW, H1 2014

Implementation in 2014: ~ 3.7 GW

~23 GW(5)

3.4 Not in scope (esp non merchant)

Close(6)

Mothball(6)

Transform(6)

Optimize & second review(6)

5.3 First review

Implementation date 2009-2012 2013 H1 2014 H2 2014-

Later

TOTAL

SINCE

2009

Durably cash negative Close* 4.6 GW(1) 2.8 GW(1) 1.7 GW(1) 1.4 GW 10.5 GW

Cash negative, potential

to become positive in

the medium/long term

Mothball 0.3 GW 1.4 GW(2)

0.4 GW

1.1 GW 3.3 GW

Cash negative, potential

to become positive in the

short term

Transform 0.5 GW(4) 0.5 GW

Cash positive Optimize 2.8 GW(3) 1.6 GW 4.3 GW 8.7 GW

Total 4.9 GW 7 GW 3.7 GW 7.3 GW ~ 23 GW(6,7)

BEE thermal capacity end June 2014

~ 23 GW reviewed since 2009

* or sell

Removed from the fleet

OPTIMIZATION: 1.6 GW

• DE: Farge, 350 MW ; Zolling 5, 472 MW ;

DK6, 788 MW, 2014

(1) 2009-2013: including closure of Shotton, Derwent and Teesside within the Energy International Business Line. 2014: ISAB transferred from BEI as of 01/01/14 ;

(2) 1.6 GW reported as mothballed in Full Year 2013, of which it has been decided to close 0.2 GW (of which Flevo GT - 119 MW already implemented) ;

(3) 3.5 GW reported as optimized in Full Year 2013, of which it has been decided to mothball 0.7 GW as from 2015-2017 ;

(4) 0.9 GW reported as to be transformed in Full Year 2013, of which it has been decided to close 0.4 GW ;

(5) Excluding VPP in Italy and assets under commissioning (Rotterdam & Wilhelmshaven) ;

(6) For some decisions, delay of implementation can depend on technical or regulatory constraints ;

(7) Decisions taken on an additional 2.1 GW since Full Year 2013 (+ changes in some previous decisions)

58

GLOBAL GAS & LNG

H1 2014 Results

Global Gas & LNG Strong LNG sales offset temporary lower E&P volumes

BU

SIN

ES

S A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014 14/13 org

Revenues (including intra-Group) 4,441 4,426 -0.3%

Revenues 2,883 3,261 +13% +16%

COI including share in Net Income of associates 585 627 +7.2% +13%

Total Capex 462 556

Brent average ($/bbl) 107.5 108.9 +1.3%

NBP average (€/MWh) 27.1 23.9 -12%

Hydrocarbon production (Mboe) 25.9 25.0 -3.5%

External LNG sales (TWh) 39.4 57.4 +46%

• Lower hydrocarbon production

due to:

Natural planned decline

of some existing fields

Njord shut down

Partly offset by start-ups in H1:

Gudrun, Amstel, Juliet

• Increase in LNG sales to third

parties with 57 TWh totaling

69 cargoes in H1 2014

(vs 39TWh in H1 2013),

to Asia and Europe

• Significant decrease in supply

from Egypt


1,086 1,040 1,033

(57) +11

Price effect

Others Volume effect

H1 2014 H1 2013(1) Fx Scope

+112 (149)

+30

-0.6%


in €m

E&P

• Njord restarted in July 2014

• Significant start-ups: Gudrun, Amstel, Juliet

• Production to grow to ~55 Mboe

LNG

• Vivid markets in H1 2014 but conditions

could be less favorable in H2

Perform 2015

EBITDA 2014 outlook


60

H1 2014 Results

Global Gas & LNG Geographic breakdown of oil and gas production

As of 6/30/14

BU

SIN

ES

S A

PP

EN

DIC

ES

Geographic breakdown

of 2P RESERVES

Geographic breakdown

of PRODUCTION

SALES PORTFOLIO

breakdown (% production)

799 Mboe 76% gas,

24% oil & liquids

Germany

Norway

UK

Netherlands

Others

30% 13%

39%

7%

10%

Gas contracts based on mixed formulas

(including oil & fuel indexes)

Gas market prices

Brent & other liquids

Gas fixed price

25 Mboe 63.6% gas,

36.4% oil & liquids

4% 14%

44% 8%

30%

25 Mboe

53%

36%

2%

9%

61

H1 2014 Results

Cameron LNG project Access to fully flexible US LNG

• 12 mtpa brownfield liquefaction project

• GDF SUEZ commitment:

4 mtpa tolling agreement

JV with Sempra Energy, Mitsubishi and Mitsui for

financing, development and construction of LNG plant

Equity share: 16.6%

• DOE(1) authorization to export to FTA(2)

and non-FTA countries

• FERC(3) order granted in June 2014

• FID(4): H2 2014

• Expected start date of production: 2018

• Access to a flexible LNG source of supply

• Opportunity to sell LNG volumes to third parties, especially in Asia Pacific

• Supply synergies with the Group natural gas portfolio

CAMERON LNG, Louisiana

BU

SIN

ES

S A

PP

EN

DIC

ES

Project description

Opportunities for GDF SUEZ

(1) US Department of Energy (2) Free Trade Agreement (3) US Federal Energy Regulatory Commission (4) Final Investment Decision

62

H1 2014 Results

H1 2014 main portfolio developments

• Start up of Gudrun, Amstel and Juliet production (UK, Nederland)

• Approval of the Jangkrik Development Project and related EPC contracts awards

• Main EPC contracts have been signed for Touat Project

• First installation campaign (Alpha Well Head Platform) successfully completed for Cygnus Project (UK)

• Disposal of WiehenGebirgsVorland (Germany)

• Signature of a Sales and Purchase Agreement with CPC (Taiwan, 0.8 mtpa) and a binding Heads

of Agreement with Tohoku (Japan, 0.3 mtpa). Deliveries will start in 2018 for a 20-year period

• First LNG cargo delivered to Argentina

• First transshipment of a cargo in Montoir-de-Bretagne between two LNG carriers of GDF SUEZ fleet

• Retail LNG: signature of a worldwide agreement with NYK and Mitsubishi to develop bunkering LNG

business

• GTT: IPO on February 27th, 2014. Increase in number of orders for H1 2014

BU

SIN

ES

S A

PP

EN

DIC

ES

E&P

LNG

63

H1 2014 Results

GDF SUEZ LNG global presence As of 6/30/14

Idku

Atlantic LNG

Mejillones

Everett

Penuelas(1)

Neptune

Isle of Grain

Fos Tonkin

Montoir

NLNG Yemen LNG

14 LNG carriers (incl. 2 Shuttle & Regasification Vessels)

Arzew

Bethioua

Skikda

Snøhvit LNG

Cameroon (planned)

Kochi

Fos MAX LNG

Zeebrugge

APGDC

US liquefaction, Cameron (planned)

Tianjin(2)

BU

SIN

ES

S A

PP

EN

DIC

ES

Bonaparte LNG (planned)

LNG ACTIVITIES Existing Regasification Terminal Existing equity in liquefaction plants

Under Construction Regasification Long-term LNG supply

Planned Regasification

Regas with equity without capacity

Regas capacity without equity

Regas with capacity and equity Planned Liquefaction

GNL del Plata

Dahej

(1) Access through long-term sales agreement

(2) Subchartering of a FSRU

64

INFRASTRUCTURES

H1 2014 Results


in €m

BU

SIN

ES

S A

PP

EN

DIC

ES

Infrastructures Strong resilience to negative weather impact supported by operational performance

in €m H1 2013(2) H1 2014 14/13 org

Revenues (including intra-Group) 3,550 3,466 -2.4%

Revenues 1,257 1,445 +15% +15%

COI including share in Net Income of associates 1,310 1,185 -9.5% -9.4%

Total Capex 878 721

Gas distributed by GrDF (TWh) 200 151 -25%

Distribution RAB(3) (€bn) 14.3 14.3 -

Transmission RAB(3) (€bn) 7.0 7.3 +4.3%

LNG Terminals RAB(3) (€bn) 1.2 1.2 -

Storage capacity sold(4) (TWh) 97 93 -4.1%

• Negative weather impact

• Lower sales of storage

capacities in France

• Annual revision of the rate

for distribution, transmission

and LNG terminals

• Perform 2015 gross impact:

~€54m

H1 2013 Distrib. Transmission Storage LNG terminals H1 2014

1,932 1,814

(1) (1,2)

-6.0%

+6.1% w/o weather impact

+10 (47) +74

of which weather

(224)

(155)

EBITDA 2014 outlook

• Benefit of yearly adjustment on tariffs: distribution tariff as from July 1st, 2014 (+2.94%)

transmission as from April 1st, 2014 (+3.9%)

• RAB increase

• Negative weather conditions

• Partially offset by new decree on gas storage:

positive impact on marketed capacities H2 2014

Perform 2015

(1) Including Other: €3m in H1 2013 and €3m in H1 2014


(3) Regulated Asset Base as of 01/01

(4) Of which France: 77TWh in H1 2013 and 45TWh in H1 2014

66

H1 2014 Results

Infrastructures Secured cash flows, visibility and steady growth

Distribution France

Transmission

Storage

LNG terminals

€1,814m(1) €721m(2)

11

285

313

102

H1 2014 CAPEX BREAKDOWN H1 2014 EBITDA BREAKDOWN

BU

SIN

ES

S A

PP

EN

DIC

ES

117

910

565

219

(1) Others: €3m

(2) Others: €9m

67

H1 2014 Results

• Long regulation period:

4 years with a yearly update: Distribution +2.94% from July 1st, 2014

Transmission +3.9% from April 1st, 2014

• €22.9bn of average RAB(1),

basis of theoretical EBIT calculation

1.3 7.1

Transmission Distribution LNG Terminals

14.6

6.5-9.5% 6.0%

Average RAB

8.5-10.5%

Infrastructures Secured revenues, visibility and steady growth

• Average RAB growth: +€0.3bn

2013: €22.9bn 2012: €22.9bn

• Indicative Capex program of

~€4.3bn over 2014-2016(2)

Distribution +€2.2bn

Transmission +€2.0bn

LNG terminals +€0.1bn

• Storengy is the paneuropean leader

in storage with 12.5 bcm of capacity

and within the top 4 in Germany

BU

SIN

ES

S A

PP

EN

DIC

ES

STABLE FRAMEWORK WITH INCENTIVES

VISIBILITY & STEADY GROWTH

(1) In France, total of transmission, distribution, LNG terminals, in 2013

(2) Indicative RAB investments in tariffs in France

68

H1 2014 Results

Infrastructures Regulation in France

Period of regulation

Investments (in €m) RAB remuneration

(real pre-tax)(1) Type of tariff

Average 2013 regulated

asset base (in €bn) H1 2013 H1 2014

DISTRIBUTION 7/1/12-

7/1/16 297 285 6.00%

Tariff N+1:

Inflation +0.2% + k(1) 14.6

TRANSMISSION 4/1/13-

3/31/17 373 313

6.5%

+ incentives up to

300bp over 10yrs

OPEX N+1:

Inflation -1.45% 7.1

LNG TERMINALS 4/1/13-

3/31/17 14 11

8.5%

+ incentives 125bp

(for Capex decided

in 2004-2008)

and 200bp for

extensions over 10yrs

Cost + 1.3

TOTAL 684 610 22.9

BU

SIN

ES

S A

PP

EN

DIC

ES

(1) Regularization account clearance term. Capped at +2% and floored at -2%

69

ENERGY SERVICES

H1 2014 Results


in €m

EBITDA 2014 outlook

Energy Services Solid results despite impact of expiration of cogeneration feed-in tariffs

in €m H1 2013(1) H1 2014 14/13 org

Revenues 7,370 7,587 +2.9% -1.1%

COI including share in Net Income of associates 369 384 +3.9% +0.6%

Total Capex 265 482

Services – Net commercial development (€m/y) 182 153 -16%

Installations – Order Intakes 3,779 3,868 +2.4%

Engineering – Backlog 632 639 +1.1%

Installations – Backlog 5,503 6,087 +11%

BU

SIN

ES

S A

PP

EN

DIC

ES

• Impact of expiration of

cogeneration feed-in tariffs

on networks and services

activities

• Warm weather impact on

networks and services activities

• Strong commercial dynamism

• External growth in Europe

and organic growth

in installations & services

• Perform 2015 gross impact:

~€38m

537 550 539

+1 +11 +1 (24)

+13 +0

Urban Networks

Installations & services

International Engineering H1 2014 H1 2013(1) Scope Fx

-2.0% +7.3% without cogen impact

• Operational result growth expected

• Continuous commercial development

• Full impact of Balfour Beatty Workplace

acquisition

• Last impact in H1 of expiration

of cogeneration feed-in tariffs

Perform 2015

of which cogen (19)

of which cogen (30)


71

H1 2014 Results

Energy Services H1 2014 revenues breakdown

€7.6bn

17% France Services

6% District Energy

28% France System Installation, Maintenance

€7.6bn

BU

SIN

ES

S A

PP

EN

DIC

ES

BY ACTIVITY BY BUSINESS UNIT

20% Benelux

26% International

3% Engineering

58% Services

39% Installations

3% Engineering

72

FINANCIAL APPENDICES

H1 2014 RESULTS

IMPACT OF WEATHER

& GAS TARIFF SHORTFALL

H1 2014 Results

-0.1

+0.2

H1 2014 climate adjustment in France Impact on gas sales and distribution

75

Energy Europe - France: ~€8 to10m EBITDA / TWh

Infrastructures - Distribution: ~€5m EBITDA / TWh

SENSITIVITY As of June 30th, 2014

FIN

AN

CIA

L A

PP

EN

DIC

ES

Energy Europe - France

Infrastructures - Distribution

-10.7

-15.6

COOLER

WARMER

AVERAGE CLIMATE

Q1 2014 Q2 2014

Energy Europe - France: -10.8 TWh

Infrastructures - Distribution: -15.4 TWh

H1 2014 Results

Impact of weather and gas tariff shortfall in France

76

estimates, in €m

EBITDA Net income(1)

H1

2013

H1

2014 ∆14/13

H1

2013

H1

2014 ∆14/13

Weather impact +369 -185 -554 +236 -115 -351

Energy Europe -

France Gas sales +222 -108 -330 +142 -67 -209

Infrastructures Distribution

+147 -77 -224 +94 -48 -142

Gas tariff shortfall (Energy Europe - France)

regulated gas sales +150 0 -150 +96 0 -96

Total weather and tariff adjustment +519 -185 -704 +332 -115 -447

FIN

AN

CIA

L A

PP

EN

DIC

ES

(1) Impact on Net Income group share and Net Recurring Income group share, with a normative income tax

CHANGE IN NUMBER OF SHARES, SCOPE & FOREX

H1 2014 Results

Change in number of shares

78

FIN

AN

CIA

L A

PP

EN

DIC

ES

Existing shares at 12/31/12 2,412,824,089

Capital increase -

Existing shares at 6/30/14 2,412,824,089

Average number of shares(1) 2,363 millions

Recurring earning per share as at 6/30/14 €0.90 vs €1.03 in H1 2013

(1) Undiluted, excluding treasury stock

H1 2014 Results

Main changes in consolidation scope

79

FIN

AN

CIA

L A

PP

EN

DIC

ES

DISPOSALS

ACQUISITIONS

Balfour Beatty Workplace – UK (Energy Services)

Full consolidation since 12/13/13

Meenakshi Energy – India (Energy International)


Ecova - USA (Energy Services)


SPP – Slovakia (Energy Europe)

Proportionate consolidation (24.5%) until 12/31/12

Held for sale since 12/31/12 until 01/23/13

ISAB Energy – Italy (Energy International)

Equity consolidation (49%) until 06/16/14

Kapco – Pakistan

Full sale (36%) 07/13

Equity methode until 07/13

PARTIAL DISPOSALS

CHANGES IN METHOD

SUEZ Environnement – France (Others)

Full consolidation until 07/22/13

Equity method (35.7%) since 07/23/13

GTT - France (Global Gas & LNG)

Equity method until 03/02/14


Walloon Intermunicipalities - Belgium (Energy Europe)

Equity method (25%) until 6/26/14

Available for sale financial assets since 6/27/14

Astoria – USA (Energy International)

Equity consolidation (44,8%) since 10/31/13

ESBR Jirau – Brazil (Energy International)

Equity consolidation (40%) since 01/16/14

Futures Energies Investissement Holding - France (Energy Europe)

Equity consolidation (50%) since 04/29/14

H1 2014 Results

Impact of foreign exchange evolution

80

FIN

AN

CIA

L A

PP

EN

DIC

ES

The average rate applies

to the income statement

and to the cash flow statement

The closing rate applies to the balance sheet

in €m Δ 14/13 GBP USD BRL Others TOTAL

REVENUES +60 -171 -157 -293 -561

EBITDA +7 -42 -89 -116 -240

COI after share in net income

of entities accounted for using the equity method +3 -30 -74 -73 -174

TOTAL NET DEBT +70 +64 +40 +45 +219

TOTAL EQUITY +70 +97 +216 +180 +563

GBP USD BRL

H1 2014 average rate 1.22 0.73 0.32

H1 2013 average rate 1.18 0.76 0.37

Average rate +3.6% -4.2% -15.2%

Closing rate at 6/30/2014 1.25 0.73 0.33

Closing rate at 12/31/2013 1.20 0.73 0.31

Closing rate +4.0% +1.0% +7.4%

BALANCE SHEET, P/L & CASH FLOW STATEMENT

H1 2014 Results

Summary statements of financial position

82

in €bn

FIN

AN

CIA

L A

PP

EN

DIC

ES

ASSETS 12/31/13(1) 6/30/14 LIABILITIES 12/31/13(1) 6/30/14

NON CURRENT ASSETS 106.2 109.5

Equity, group share 47.9 50.8

Non-controlling interests 5.7 6.2

CURRENT ASSETS 50.3 50.5 TOTAL EQUITY 53.6 57.0

of which financial assets valued

at fair value through profit/loss 1.0 1.1 Provisions 16.1 16.8

of which cash & equivalents 8.7 11.4 Financial debt 39.3 39.1

Other liabilities 47.5 47.1

TOTAL ASSETS 156.5 160.0 TOTAL LIABILITIES 156.5 160.0

H1 2014 Net Debt €26.0bn = Financial debt of €39.1bn – Cash & equivalents

of €11.4bn – Financial assets valued at fair value through profit/loss of €1.1bn

– Assets related to financing of €0.1bn (incl. in non-current assets) –

Derivative instruments hedging items included in the debt of €0.5bn

(1) The comparative figures as of December 31st, 2013 were restated under

EBITDA new definition and post IFRS 10/11

H1 2014 Results

Details of some assets and provisions

83

FIN

AN

CIA

L A

PP

EN

DIC

ES

Provisions as of 6/30/14 Details of some assets as of 6/30/14

Loans &

receivables

€3.8bn

Available for

sale securities

€3.4bn

Stakes

in associates

€6.7bn

Others

2.4

Recycling and storage & site rehabilitation 5.6

Dismantling

3.8

Pensions

5.0

Total provisions

€16.8bn

• Receivables under

finance leases

• Loans granted to

affiliated companies

• Receivables under

concession

• Other receivables

• Assets related

to financing

1.0

1.1

0.8

0.8

0.1

H1 2014 Results

Summary income statement

84

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

REVENUES 42,058 39,415

Purchases -25,802 -24,200

Personnel costs -4,913 -4,821

Amortization depreciation and provisions -2,598 -2,100

Other operating incomes and expenses -3,994 -4,223

Share in net income of entities accounted for using the equity method 327 275

CURRENT OPERATING INCOME after share in net income

of entities accounted for using the equity method 5,077 4,346

MtM, impairment, restructuring, disposals and others -772 904

INCOME FROM OPERATING ACTIVITIES 4,305 5,250

Financial result of which recurring cost of net debt

of which non recurring items included in financial income / loss

of which others

-803 -640

62

-225

-921 -491

-212

-218

Income tax of which current income tax

of which deferred income tax

-1,371 -1,314

-57

-1,258 -1,016

-242

Non-controlling interests -392 -441

NET INCOME GROUP SHARE 1,739 2,630

EBITDA(2) 7,716 6,619

(1) The comparative figures as of June 30th, 2013 were restated under EBITDA new definition, post IFRS10/11 and with equity consolidation of SUEZ Environnement

(2) EBITDA new definition and post IFRS10/11 includes share in net Income of entities accounted for using the equity method (+€327m in H1 2013, +€275m in H1 2014),

concessions (-€18m in H1 2013, -€21m in H1 2014), provisions (-€4m in H1 2013, €188m in H1 2014) and cash share based payments (-€1m in H1 2013, -€3m in H1 2014)

H1 2014 Results

Cash flow statement

85

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

Gross cash flow before financial loss and income tax Income tax paid (excl. income tax paid on disposals) Change in operating working capital

7,482 -678

-1,109

6,362 -664 433

CASH FLOW FROM OPERATING ACTIVITIES 5,695 6,131

Net tangible and intangible investments Financial investments Disposals and other investment flows

-2,582 -496

1,529

-2,477 -515

1,055

CASH FLOW FROM INVESTMENT ACTIVITIES -1,550 -1,937

Dividends paid Share buy back Balance of reimbursement of debt / new debt Net interests paid on financial activities Capital increase Other cash flows

-2,043 -5

-935 -760

37 -354

-2,023 137

-593 -592

2,014 -523

CASH FLOW FROM FINANCIAL ACTIVITIES -4,062 -1,581

Impact of currency and other 63 80

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 8,910 8,724

TOTAL CASH FLOWS FOR THE PERIOD 148 2,694

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 9,057 11,418

(1) The comparative figures as of June 30th, 2013 were restated under EBITDA new definition, post IFRS10/11 and with equity consolidation

of SUEZ Environnement

PROFIT & LOSS DETAILS

H1 2014 Results

Breakdown of revenues

87

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014 ∆ 14/13 ∆ Organic

ENERGY INTERNATIONAL 7,409 6,861 -7.4% +1.4%

of which Latin America 1,846 1,809 -2.0% +9.4%

of which Asia-Pacific 1,523 1,383 -9.2% +2.1%

of which North America 1,891 1,852 -2.0% +8.6%

of which UK & other Europe 1,870 1,516 -18.9% -14.7%

of which South Asia, Middle East & Africa 280 301 +7.5% +11.8%

ENERGY EUROPE 23,140 20,261 -12.4% -12.3%

of which Central Western Europe 19,589 17,504 -10.6% -10.6%

of which France 10,456 7,764 -25.7% -25.7%

of which Benelux & Germany 6,562 5,362 -18.3% -18.1%

of which Southern & Eastern Europe 3,551 2,758 -22.3% -21.8%

GLOBAL GAS & LNG(2) 2,883 3,261 +13.1% +15.6%

INFRASTRUCTURES(3) 1,257 1,445 +15.0% +15.0%

ENERGY SERVICES 7,370 7,587 +2.9% -1.1%

TOTAL 42,058 39,415 -6.3% -5.4%

(1) The comparative figures as of June 30th, 2013 were restated under IFRS10/11 and with equity consolidation of SUEZ Environnement

(2) Total revenues, including inter-companies, amount to €4,426m in H1 2014 and €4,441m in H1 2013

(3) Total revenues, including inter-companies, amount to €3,466m in H1 2014 and €3,550m in H1 2013

H1 2014 Results

Breakdown of revenues by business line

88

FIN

AN

CIA

L A

PP

EN

DIC

ES

€39.4bn

17% - €6.9bn Energy International

19% - €7.6bn Energy Services

51% - €20.3bn Energy Europe

4% - €1.4bn Infrastructures(1)

8% - €3.3bn Global Gas & LNG(2)

(1) Total revenues, including inter-companies, amount to €3.5bn

(2) Total revenues, including inter-companies, amount to €4.4bn

H1 2014 Results

Revenues by geographic region by destination

89

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014 ∆ 14/13

France 17,663 15,305 -13.4%

Belgium 5,076 5,604 +10.4%

SUB-TOTAL FRANCE-BELGIUM 22,739 20,909 -8.0%

Other EU countries 11,152 10,180 -8.7%

of which Italy 3,176 2,542 -20.0%

of which UK 2,456 2,354 -4.2%

of which Germany 1,647 1,445 -12.3%

of which Netherlands 1,912 1,951 +2.0%

Other European countries 525 683 +30.2%

SUB-TOTAL EUROPE 34,416 31,771 -7.7%

North America 1,906 1,831 -3.9%

SUB-TOTAL EUROPE & NORTH AMERICA 36,322 33,602 -7.5%

Asia, Middle-East and Oceania 3,691 3,584 -2.9%

South America 1,957 2,121 +8.4%

Africa 89 107 +20.6%

TOTAL 42,058 39,415 -6.3%

(1) The comparative figures as of June 30th, 2013 were restated under IFRS10-11 and with equity consolidation of SUEZ Environnement

H1 2014 Results

Breakdown of EBITDA

90

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014 ∆ 14/13 ∆ Organic

ENERGY INTERNATIONAL(2) 2,262 1,721 -23.9% -11.1%

of which Latin America 820 490 -40.3% -32.3%

of which Asia-Pacific 499 431 -13.6% -3.0%

of which North America 532 518 -2.7% +11.1%

of which UK & other Europe 293 198 -32.3% -4.7%

of which South Asia, Middle East & Africa 170 132 -22.4% -10.9%

ENERGY EUROPE(3) 2,064 1,554 -24.7% -24.5%

of which Central Western Europe 1,954 1,354 -30.7% -31.0%

of which France 1,210 568 -53.1% -52.8%

of which Benelux & Germany 604 633 +4.9% -6.9%

of which Southern & Eastern Europe 151 266 +75.7% +106.2%

GLOBAL GAS & LNG 1,086 1,033 -4.9% -0.6%

INFRASTRUCTURES 1,932 1,814 -6.1% -6.0%

ENERGY SERVICES 537 539 +0.4% -2.0%

OTHERS -164 -42 +74.4% +74.6%

TOTAL 7,716 6,619 -14.2% -9.9%


(2) Of which Others -€48m in H1 2014 and -€52m in H1 2013


H1 2014 Results

(1) 2013 figures pro forma equity consolidation of Suez Environnement, new Ebitda and COI definitions and post IFRS 10-11

(2) Including Others €(42)m in H1 2014 and €(164)m in H1 2013

(3) Scope effect from disposals

(4) For the Energy Europe and Infrastructures business lines, the impact of weather

conditions in France was respectively ~ -11/-15TWh warm weather for H1 2014

and ~ +22/+30TWh cold weather for H1 2013

91

EBITDA and COI evolution

impairments

change in E&P

disposals

acquisitions/CODs

7.7

6.6

H1 2013

EBITDA(1,2)

H1 2014

EBITDA(2)

ENERGY

SERVICES

ENERGY

INTERNATIONAL

ENERGY

EUROPE

GLOBAL

GAS & LNG

INFRA-

STRUCTURES

FX

SCOPE(3)

WEATHER(4)

& GAS TARIFF

+0.0 +0.0

+0.1 +0.0

(0.7)

(0.2)

(0.2)

in €bn

Lower D&A

+0.1

GAS TARIFF (0.15)

WEATHER 2013

(0.37)

WEATHER 2014 (0.19)

in €bn H1 2013(1)

H1 2014

Δ 14/13 organic

w/o weather and gas tariff impact

EBITDA 7.7 6.6 -0.3%

COI including share

in Net Income of Associates 5.1 4.3 +5.8%

+€0.3bn growth excluding hydro

in Latin America(2)

FIN

AN

CIA

L A

PP

EN

DIC

ES

(0.3)

HYDRO

IN LATAM

H1 2014 Results

Breakdown of H1 2014 EBITDA

92

FIN

AN

CIA

L A

PP

EN

DIC

ES

BREAKDOWN BY BUSINESS LINE(2) GEOGRAPHIC BREAKDOWN(1)

€6.6bn

26% Energy International

8% Energy Services

24% Energy Europe

27% Infrastructures

16% Global Gas & LNG

€6.6bn 37% France

9% Belgium

29% Other Europe

UK 3%

Italy 3%

Netherlands 5%

Germany 4%

10% Rest of the world

7% North America

8% Latin America

(1) By origin

(2) Including Others: -€42m

H1 2014 Results

Breakdown of share in net income

of entities accounted for using equity method

93

FIN

AN

CIA

L A

PP

EN

DIC

ES


(2) Including share in net income of Suez Environnement

in €m H1 2013(1) H1 2014

ENERGY INTERNATIONAL 204 138

of which Latin America -5 -59

of which Asia-Pacific 58 44

of which North America 36 86

of which UK & other Europe 30 10

of which South Asia, Middle East & Africa 84 57

ENERGY EUROPE 47 60

of which Central Western Europe 18 23

of which Southern & Eastern Europe 29 37

GLOBAL GAS & LNG 24 19

INFRASTRUCTURES 9 4

ENERGY SERVICES 3 3

OTHERS(2) 41 50

TOTAL SHARE IN NET INCOME OF ASSOCIATES 327 275

H1 2014 Results

Breakdown of provisions included in EBITDA

94

FIN

AN

CIA

L A

PP

EN

DIC

ES


in €m H1 2013(1) H1 2014

ENERGY INTERNATIONAL -17 18

of which Latin America 1 1

of which Asia-Pacific -5 -6

of which North America - -

of which UK & other Europe -13 9

of which South Asia, Middle East & Africa - 12

ENERGY EUROPE -40 18

of which Central Western Europe 3 40

of which Southern & Eastern Europe -44 -22


INFRASTRUCTURES 1 -1

ENERGY SERVICES 7 33

OTHERS 36 68

TOTAL PROVISIONS -4 188

H1 2014 Results

Breakdown of Current Operating Income After share in net income of entities accounted for using the equity method

95

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014 ∆ 14/13 ∆ Organic

ENERGY INTERNATIONAL(2) 1,676 1,233 -26.4% -13.4%

of which Latin America 622 309 -50.4% -43.3%

of which Asia-Pacific 370 318 -14.1% -4.0%

of which North America 356 383 +7.6% +22.7%

of which UK & other Europe 216 144 -33.4% -4.0%

of which South Asia, Middle East & Africa 167 127 -23.8% -11.2%

ENERGY EUROPE(3) 1,379 1,005 -27.1% -27.2%

of which Central Western Europe 1,424 915 -35.8% -36.5%

of which France 985 398 -59.6% -59.6%

of which Benelux & Germany 344 398 +15.6% +19.5%

of which Southern & Eastern Europe -2 156 NA NA

GLOBAL GAS & LNG 585 627 +7.2% +13.0%

INFRASTRUCTURES 1,310 1,185 -9.5% -9.4%

ENERGY SERVICES 369 384 +3.9% +0.6%

OTHERS -242 -88 +63.4% +63.5%

TOTAL 5,077 4,346 -14.4% -9.6%




H1 2014 Results

Divisional reconciliation between EBITDA and COI After share in net income of entities accounted for using the equity method

96

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m Energy

International

Energy

Europe Global Gas

& LNG Infrastructures Energy

Services Others H1 2014

EBITDA 1,721 1,554 1,033 1,814 539 -42 6,619

Depreciation -489 -556 -369 -630 -160 -46 -2,250

Share based payments 1 8 1 1 5 -1 15

Previously capitalized

amounts expensed

in the period – E&P

- - -38 - - - -38

COI after share in net

income of entities

accounted for using

the equity method

1,233 1,005 627 1,185 384 -88 4,346

H1 2014 Results


Energy International details

97

in €m Latin

America Asia-Pacific

North

America

UK &

other Europe

South Asia,

Middle East

& Africa

H1 2014(1)

Energy

International

EBITDA 490 431 518 198 132 1,721

Depreciation -181 -113 -135 -55 -5 -489

Share based payments - - - - - 1


income of entities

accounted for using

the equity method

309 318 383 144 127 1,233

(1) Of which Others: EBITDA -€48m, Current Operating Income -€48m

FIN

AN

CIA

L A

PP

EN

DIC

ES

H1 2014 Results


Energy Europe details

98

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m

Central Western Europe Southern

& Eastern

Europe

H1 2014(1)

Energy

Europe of which

France

of which Benelux

& Germany Total

EBITDA 568 634 1,354 266 1,554

Depreciation -172 -240 -446 -110 -556

Share based payments 3 4 7 - 8


income of entities

accounted for using

the equity method

398 398 915 156 1,005

(1) Of which Others: EBITDA -€65m, Depreciation -€(1)m, Share based payments €1m, Current Operating Income -€65m

H1 2014 Results

From COI after share in net income of entities

accounted for using the equity method to net income

99

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

COI after share in net income of entities accounted for using the equity method

5,077 4,346

MtM -212 420

Impairment -466 -28

Restructuring costs -59 -55

Asset disposals & others -35 568

INCOME FROM OPERATING ACTIVITIES 4,305 5,250

Financial result -803 -921

Income tax -1,371 -1,258

Non-controlling interests -392 -441


(1) The comparative figures as of June 30th, 2013 were restated under EBITDA new definition, post IFRS10/11

and with equity consolidation of SUEZ Environnement

H1 2014 Results

Breakdown of non-controlling interests

100

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

ENERGY INTERNATIONAL 217 195

of which Tractebel Energia (Brazil) 91 38

of which E-CL Group (Chile) 6 16

of which Enersur (Peru) 19 21

ENERGY EUROPE 59 80


INFRASTRUCTURES 46 59

ENERGY SERVICES 22 16

OTHERS -4 -2

Non-controlling interests 392 441



H1 2014 Results

Reconciliation between EBITDA and operating cash flow

101

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

EBITDA 7,716 6,619

Restructuring costs cashed out -81 -74

Provisions -74 -228

Share in net income of entities accounted for using the equity method -327 -275

Dividends and others 246 320

Cash generated from operations before income tax

and working capital requirements 7,482 6,362



H1 2014 Results

Net recurring income group share

102

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014


MtM commodities 212 -420

Impairment 466 28

Restructuring costs 59 55

Asset disposals & others 35 -568

Financial result (non-recurring items) -62 212

Share in net income of entities accounted for using the equity method

(non-recurring items) 19 -23

Income tax on non recurring items -162 -1

Nuclear contribution in Belgium 125 197

Non-controlling interests on above items - 15

NET RECURRING INCOME GROUP SHARE 2,431 2,125



H1 2014 Results

Tax position

103

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m H1 2013(1) H1 2014

CONSOLIDATED INCOME BEFORE TAX AND SHARE IN ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD

3,176 4,054

CONSOLIDATED INCOME TAX 1,371 1,258

EFFECTIVE TAX RATE 43.2% 31.0%

RECURRENT EFFECTIVE TAX RATE 36.2% 31.6%



CASH FLOW DETAILS

H1 2014 Results

H1 2014 FREE CASH

FLOW

RESTRUCTURING & OTHERS

Cash generated from operations before income tax and working

capital requirements

H1 2014 EBITDA

TAX CASH

EXPENSES WCR

MAINTENANCE CAPEX

NET FINANCIAL EXPENSES

6.6 6.4 (0.7)

+0.4

(0.2)

4.6

(1.0) (0.6)

H1 2014 Free Cash Flow Generation

105

in €bn

FIN

AN

CIA

L A

PP

EN

DIC

ES

5.6

H1 2014 CFFO

+0.1

OTHERS

H1 2014 Results

Free Cash Flow Generation from H1 2013 to H1 2014

106

OPERATING CASH FLOW

H1 2013 FCF(1)

TAX CASH EXPENSES

WCR

MAINTENANCE

CAPEX

H1 2014 FCF

NET FINANCIAL EXPENSES

3.9 (1.1)

+1.5 +0.1

+0.0 +0.2

4.6

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €bn



H1 2014 Results

Breakdown of investments

107

FIN

AN

CIA

L A

PP

EN

DIC

ES

in €m Maintenance Development Financial H1 2014

Energy International(1) 200 322 286 808

of which Latin America 56 176 201 433

of which Asia-Pacific 67 26 -5 89

of which North America 53 44 -5 92

of which UK & other Europe 18 9 47 74

of which South Asia, Middle East & Africa 2 67 68 137

Energy Europe(2) 286 165 69 520

of which Central Western Europe 222 145 62 429

of which France 48 57 -58 47

of which Benelux & Germany 170 79 120 369

of which Southern & Eastern Europe 63 20 3 86

Global Gas & LNG 65 491 0 556

Infrastructures 372 345 4 721

Energy Services 80 136 266 482

Others 16 0 40 56

TOTAL 1,019 1,458 665 3,143

(1) Including Others: -€16m

(2) Including Others: €4m

H1 2014 Results

Detail of H1 2014 total gross Capex

108

€3.1bn

0.7

1.5

1.0

Financial

Development

Maintenance

FIN

AN

CIA

L A

PP

EN

DIC

ES

• GRTgaz (France) €0.19bn

• GrDF (France) €0.11bn

• Jangkrik (Indonesia) €0.12bn

• Cygnus & Juliet (UK) €0.12bn

• Other investments ≤€0.1bn each

CREDIT

H1 2014 Results

“A” category rating

110

S&P Moody's

AA- Aa3 EDF (negative)

A+ EDF (stable) A1 GDF SUEZ (stable)

A GDF SUEZ (stable)

A2

A- E.ON (stable)

A3 E.ON (negative)

BBB+ RWE (stable)

Baa1 RWE (stable)

IBERDROLA (negative)

BBB ENEL (stable)

IBERDROLA (stable)

Gas Natural (stable)

Baa2 ENEL (negative)

Gas Natural (positive)

FIN

AN

CIA

L A

PP

EN

DIC

ES

CREDIT RATINGS as of July 31st, 2014

H1 2014 Results

Split of gross debt(1)

111

FIN

AN

CIA

L A

PP

EN

DIC

ES

€37.7bn

Average cost

of gross debt:

vs 3.68% as of 12/31/2013 (3.42% proforma IFRS 10/11)

3.23%

23.6 Bonds

4.5 BT/CP

0.7 Drawn credit lines

0.5 Leasing

1.4 Other borrowings

7.0 Bank borrowings

(1) Without IAS 39 (+€0.2bn) and bank overdraft (+€0.4bn)

H1 2014 Results

11,7

0,8 1,7 2,4 2,4 1,7

14,7

8,4

0,9 1,2

0,8 1,0 0,7

2,4

0,3

0,5 0,3 0,3

0,1

1,1

06/30/2014 Liquidity

2014 2015 2016 2017 2018 2019 and beyond

Debt maturity profile(1)

112

FIN

AN

CIA

L A

PP

EN

DIC

ES

6.4

Bank borrowings

Bonds

Other

Undrawn credit lines(1)

Cash(3)

€20.1bn

AVERAGE NET DEBT MATURITY: 10.2 YEARS

TOTAL GROSS DEBT(2) €37.7bn

(1) Excluding/net of €4.5bn of BT/CP

(2) Without IAS 39 (+€0.2bn) and bank overdraft (+€0.4bn)

(3) Net of bank overdraft (€0.4bn)

H1 2014 Results

Net debt breakdown by rate and currency

113

FIN

AN

CIA

L A

PP

EN

DIC

ES

€26.0bn

8% Capped rates

€26.0bn

83% Fixed rates

9% Floating rates

63% EUR

8% Others

3% AUD

4% THB

6% GBP

16% USD

H1 2014 Results

Disclaimer

Forward-Looking statements

This communication contains forward-looking information and statements. These

statements include financial projections, synergies, cost-savings and estimates,

statements regarding plans, objectives, savings, expectations and benefits from the

transactions and expectations with respect to future operations, products and services,

and statements regarding future performance. Although the management of

GDF SUEZ believes that the expectations reflected in such forward-looking statements

are reasonable, investors and holders of GDF SUEZ securities are cautioned that

forward-looking information and statements are not guarantees of future performances

and are subject to various risks and uncertainties, many of which are difficult to predict

and generally beyond the control of GDF SUEZ, that could cause actual results,

developments, synergies, savings and benefits to differ materially from those

expressed in, or implied or projected by, the forward-looking information and

statements. These risks and uncertainties include those discussed or identified in the

public filings made by GDF SUEZ with the Autorité des Marchés Financiers (AMF),

including those listed under “Facteurs de Risque” (Risk factors) section in the

Document de Référence filed by GDF SUEZ with the AMF on 20 March 2014 (under

no: D.14-0176). Investors and holders of GDF SUEZ securities should consider that

the occurrence of some or all of these risks may have a material adverse effect on

GDF SUEZ.

H1 2014 Results

For more information about GDF SUEZ

+33 1 44 22 66 29

Presentation

[email protected]

http://www.gdfsuez.com/en/investors-area

FOR MORE INFORMATION ABOUT H1 2014 RESULTS, YOU WILL FIND ON

http://www.gdfsuez.com/en/investors/results/results-2014

Analyst

pack(1)

Appendices Press

Release

Recorded

conference

audiocast

Conference

call transcript

Financial

report

2014

First-half

(1) Including power generation fleet as of June 30th, 2014 and Key financial performance indicators

mailto:[email protected]

http://www.gdfsuez.com/en/investors-area

http://www.gdfsuez.com/en/investors/results/results-2014

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